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Enbridge Posts Lower Profit

May 8, 2013 9:27 a.m. ET

TORONTO--Canadian pipeline operator
Enbridge Inc.
said its first-quarter profit dipped 4%, hurt in part by additional costs related to a 2010 oil spill in Michigan.

The Calgary, Alberta-based company, which also said Wednesday it will purchase $1.2 billion of preferred units in its
Enbridge Energy Partners
LP affiliate, beat analyst expectations in the latest quarter on an adjusted basis.

Enbridge said it earned 250 million Canadian dollars ($249 million), or 31 Canadian cents a share, down from C$261 million, or 34 Canadian cents a year earlier.

Adjusted earnings, which exclude unrealized mark-to-market losses and an additional C$175 million in costs related to the clean up of the 2010 Line 6B oil spill in Michigan, improved to 62 Canadian cents a share from 49 Canadian cents.

The Thomson Reuters mean estimate was for a profit of 52 Canadian cents a share.